The Austrian Corporate Governance Codex provides Austrian stock corporations with a framework for management and control. In 2003, the Management Board and the Supervisory Board of voestalpine AG resolved to recognize this Codex.
Austrian Corporate Governance Codex
The Austrian Corporate Governance Codex became effective in October 2002. The Codex provides Austrian stock corporations (Aktiengesellschaften) with a framework for management and control.
The basis of the Codex
The Codex is based on the provisions of Austrian stock corporation, stock exchange, and capital market law, the EU recommendations on the tasks of the members of the supervisory board and the remuneration of directors, as well as the OECD Principles of Corporate Governance. Since 2002, the Codex has undergone a number of revisions. The latest amendment was made in January 2020. Companies voluntarily undertake to adhere to the Codex.
The goal of the Codex
The Codex aims to establish a system of management and control of companies and groups that is accountable and geared to create sustainable, long-term value. It is designed to increase the degree of transparency for all stakeholders of a company.
The Management Board and the Supervisory Board of voestalpine AG recognized the Corporate Governance Codex in 2003 and have also implemented the amendments introduced since that date.
Additional information on the Corporate Governance Codex
Compliance with the Austrian Corporate Governance Codex
In addition to the mandatory L-Rules, the Company also complies with all of the “C-Rules” and the “R-rules” of the Codex.
The Corporate Governance Codex contains the following rules:
“L rules” (= Legal) are measures prescribed by law;
“C rules” (= Comply or Explain) must be justified in the event of non-compliance;
“R rules” (= Recommendations) are recommendations only.